He's gonna be 28 at the end of the game. It's not realistic at all to make him suddenly look like 40 years old man, even if he was white (since it's Caucasians that are probably considered to age the worst of all ethnic groups). Hope it was just bad video compression/early model in that hoodless pic, since he looks very good in the E3 demos:

Hes ugly.

There are people who live in a dream world, And there are people who live in Reality; And there are those that turn one into the other.

Altair wasn't much of a looker when his real face was shown in Revelations. Now, don't get me wrong, I love Altair, he's one of my favs, but seriously not every main character has to be handsome or a womanizer like Ezio. And if you think Connor looks ugly then that's your opinion, we'll get to see his final face when the game comes out anyway. And it's personality that counts, not the looks, Ezio kinda disgusted me by some of his actions in AC2 (I'm talking about his behavior with women), and to add, though I'm sure million of fangirls are gonna kill me after this, but Ezio wasn't that handsome if you ask me and I'm not only talking about Revelations. :/

I know right!
Connor has many fangirls already! They are already pairing their OC's with Connor, lol!
To add on, Connor may-be not that handsome but girls find him very charismatic by the way he talks, moves, fights, behaves, etc. :P